Sir Martin Broughton
The consortium led by former British Airways chairman Sir Martin Broughton also includes Lord Coe

Representatives of the groups involved in the bid to buy Chelsea have told the BBC that they made the cut.

A number of groups are thought to have made a bid for the club before the deadline.

A preferred bidder will be announced.

The Saudi Media Group did not make the cut.

The family that owns the Chicago Cubs are still waiting for an update on their bid.

The UK government granted a special licence to the club after Roman Abramovich was hit with sanctions for his alleged links to Putin.

The proceeds of the sale will go to a charitable foundation or a frozen account with government approval.

The sale must be approved by the owners of the league.

It is understood that bids are being assessed on their valuation of the club, their working capital commitment, their source of funds, the speed and certainty with which they can close the transaction and their background in sport.

Who are the frontrunners bidding to buy Chelsea?

Raine Group, an American investment firm, has been tasked with selling the club and the UK government is expected to issue a new licence, allowing the club to be sold once a preferred buyer has been highlighted.

Raine told unsuccessful bidders on Thursday that they were out of the running.

If the bid was successful, fans would be at the heart of decision making, according to former British Airways chairman Broughton.

The 74-year-old added that the group was committed to ensuring that Chelsea maintained its position at the top of European football.

Lord Coe is the current World Athletics president.

A number of others are involved in the group, with Wall Street investment banker Michael Klein adding major financial backing to it.

Boehly is part of a group that also includes a Swiss billionaire.

They are joined by American PR executive Barbara Charone.

The group is working with America-based investment firm Clearlake Capital, which has about $60bn (£45.6bn) of assets under management.

A group of investors, including a US billionaire hedge fund manager, are leading a bid for the Chicago Cubs.

The renovation of Wrigley Field proves that the group is a strong candidate, given the work required at the bridge.

However, the bid has been criticised after it emerged that Joe Ricketts was accused of Islamophobia three years ago.

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